In 77 years nothing like it had ever happened. Outsiders were to be invited into the family-owned H. J. ("57 Varieties") Heinz Co. In Pittsburgh last week President Henry John Heinz II announced that the company would soon make its first public stock offering: 100,000 shares of $100 par cumulative preferred, 200,000 shares of $25 par common stock. The reason: heavy taxes had made it impossible to finance expansion out of earnings any more. The company had to ask the public for cash to do the job.

It was a melancholy admission for...

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